HomeMy WebLinkAbout97-087
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RESOLUTION NO. 97-87
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
MOHA VE, ARIZONA APPROVING THE ISSUANCE IN ONE OR MORE
SERIES BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE
COUNTY OF MOHA VE OF NOT TO EXCEED $94,600,000 OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS (CmZENS UTILmES
COMPANY PROJECT (TIlE "BONDS")) AND APPROVING THE
PROCEEDINGS OF SAID AUTHORITY FOR THE ISSUANCE OF A SERIES
OF SAID BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF
$2,090,000 ALL PURSUANT TO A PLAN OF FINANCING IN
COMPLIANCE WITH SECTION 147(t) OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.
WHEREAS, The Industrial Development Authority of the County of Mohave (the
"Authority") proposes to issue pursuant to a plan of financing industrial development revenue
bonds (the "Bonds") on behalf of Citizens Utilities Company, a Delaware corporation authorized
to do business in Arizona, from time to time on or before December 31, 1998 in one or more
series in the aggregate principal amount not to exC(~ $94,600,000 to pay the cost of all or a
pOltion of certain electric transmission, substation and distribution facilities, natural gas
distribution faciJlities, water supply, pumping, distribution, transmission and development
facilities and wastewater treatment, collection and development facilities located in Mohave
County, Arizona; and
WHEREAS, it is necessary for the Board of Supervisors to conduct proceedings in
satisfaction of the public approval requirement of Sl~tion 147(t) of the Internal Revenue Code
of .1986, as amended (the "Code"), with respect t.o tax-exempt industrial development bond
issues the proceeds of which will be used to finance~ facilities located in Mohave County; and
WHEREAS, pursuant to a Notice of Public Hearing, duly published in the Mohave Daily
Miner on February 12, 1997, the Authority cond\l(:ted a public hearing on March 10, 1997,
pursuant to and in compliance with the requirements of Section 147(t) of the Code, at which all
interested parties were given an opportunity to express their views orally or in writing for or
against the proposed facilities and the plan of financing therefor; and
WHEREAS, it is intended that this Resolution shall constitute approval by the Board of
Supervisors with respect to the issuances of the Bonds within the meaning of Section 147(f) of
the Code; and
WHEREAS, a resolution of the Authority authorizing the issuance and sale of its
Industrial Development Revenue Bonds, 1997 Series (Citizens Utilities Company Projf',cts) (the
"Series 1997 Bonds") in the aggregate principal amount of $2,090,000 under and pursuant to
Title 35, Chapter 5, Arizona Revised Statutes, as amended (the" Act"), has been made available
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to the Board of Supervisors of the County of Mohave, Arizona, and said resolution has been
duly considered this date; and
WHEREAS, said resolution authorizes, among other things, the issuance and sale of the
Series 1997 Bonds to finance a portion of the cost of facilities for the distribution of electric
em~rgy in Lake Havasu, Arizona, the execution and delivery of a Loan Agreement, the execution
and delivery of an Indenture of Trust, the exec:ution and delivery of a Tax Resulatory
Agreement, the c~xecution of a Bond Purchase Agreement and other related documents; and
WHEREAS, the terms, maturity, provisions for redemption and for the determination of
interest rates and interest payment dates, security and source of payment for the Series 1997
Bonds are set fOJth in the Indenture of Trust and th'e Bond Purchase Agreement; and
WHEREAS, copies of said documents have been made available to the Board of
Supervisors of the County of Mohave, Arizona, together with the aforementioned resolution of
the Authority; and
WHEREAS, the Board of Supervisors has been informed that said documents have been
reviewed by c<;>mpetent Bond Counsel, and said Bond Counsel has determined that said
documents adequately meet the requirements of Title 35, Chapter 5, Arizona Revised Statutes,
as amended;: and
WHEREAS, it is intended that this Resolution shall constitute approval by the Board of
Supervisors of the issuance of the Series 1997 Bonds pursuant to Section 35-721(B) of the Act;
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
THE COUNTY OF MOHA VB, ARIZONA, AS FOLLOWS:
1. That at the public hearing conducte:d on March 10, 1997 by the Authority
regarding the proposal to issue the Bonds for the proposed Citizens Utilities Company projects,
all interested parties who desired to do so were given the opportunity to express their views
orally or in writing for or against the proposed proj(~ts and the plan of financing therefor.
2.. That this Board has considered all oral or written statements which were made or
filed for or against the proposed projects and the~ plan of financing therefor, and hereby
determines that the proposed issuances by the Authority of the Bonds, for the purposes set forth
in the Notice of Public Hearing and described in the preamble hereof, be and the same are
hereby approved in accordance with the public approval requirements of Section 147(f) of the
Cadle.
3. That this Board hereby approves the proceedings under which the Series 1997
Bonds are to be issued by the Authority, including specifically the resolution described above,
the Series 1997 Bonds, the Bond Purchase Agreement, the Loan Agreement, the Tax Regulatory
Agreement, the Indenture of Trust and all other required or appropriate documents.
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4. That all resolutions or parts thereof in conflict herewith be and the saine are
hereby repealed, to the extent of such conflict.
5. TIlat immediately after its adoption this Resolution shall be signed by the
Chairman and Clerk, shall be recorded in the book kept for that purpose and s:hall take
immediate t~fff
PASSED, APPROVED AND ADOPTED by the Board of Supervisors of the County of
Mohave, Arizona this 10th day of March, 1997.
~?~A /h~
Chairman of the Board of Supervisors
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